About Your Credit
Buying a new home can be one of the most exciting and rewarding experiences of your life. The mortgage process requires many steps, however, and your experience will be smoother if you arm yourself with facts before you begin.
Credit is Important.
Once you apply for a mortgage loan, we will review your credit record to make decisions on approving your loan and offering you rates and terms. Your credit record tells how well you have handled credit in the past and how you are using it today.
In the United States, three major credit bureaus track your credit record: Equifax, Experian, and Trans Union. These agencies collect information about your payment history to your creditors, such as banks, credit card issuers, retailers, and other lending groups. Some credit accounts you might have are your bills for charge card accounts, student loans, auto loans, apartment rentals, and even utilities.
When you apply for a loan, we buy a credit report from one or more of the credit bureaus. We analyze the information to decide whether or not we will be able to offer you a loan. If approved, we will offer you rates and terms based upon your credit rating.
The better your credit record, the better rates and terms you will be offered. But having slow or poor credit does not mean you will not be able to secure a loan.